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Samsung Electronics begins HBM4 shipments to Nvidia amid yield concerns on 1c nm process
Wednesday, February 11, 2026 at 03:54 AM
CLSA reports that Samsung Electronics has started shipping HBM4 to Nvidia, potentially ahead of rivals. Despite the early start, low yields on the 1c nm process node are expected to constrain Samsung's market share. CLSA forecasts long-term HBM4 market share at 55% for SK Hynix, 25-30% for Samsung, and 20% for Micron. Additionally, rising commodity DRAM prices are supporting HBM pricing as manufacturers allocate capacity to high-value AI memory.
Context
Samsung Electronics reportedly commenced commercial shipments of HBM4 to NVIDIA earlier this month, securing an early entry into the next-generation memory market. While this move establishes a first-mover advantage, technical hurdles on the 1c nm process are expected to limit near-term yield, potentially stalling significant market share gains. This transition highlights a broader industry shift toward high-value, customized AI memory components over traditional commodity products.
Market projections place SK Hynix as the leader with a 55% share of the HBM4 sector, while Samsung Electronics and Micron are expected to capture 25–30% and 20% respectively. Rising prices for standard DRAM provide strong support for HBM pricing as manufacturers contend with tight production capacity. This shift toward high-margin products is driving valuation re-ratings, with target prices reaching KRW 1,250,000 for SK Hynix, KRW 260,000 for Samsung Electronics, and USD 495 for Micron.
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